American drugmaker MSD will invest HUF 9 billion in research and development operations in Hungary, MSD Pharma Hungary Managing Director Thomas Straumits said on Tuesday, as reported by Hungarian news agency MTI.
Straumits was speaking after the Hungarian unit and the state-owned Hungarian Investment Promotion Agency (HIPA) signed a memorandum of understanding on further strengthening strategic cooperation.
Straumits did not specify a time frame for the planned R&D spending, but noted that the company has been present in Hungary for 25 years. At present 50 various clinical trials financed by MSD are underway in the country. These activities involved 500 health professionals and more than 800 patients at 200 locations last year.
HIPA said last December that it will offer additional incentives from 2017 to companies establishing their research and development centers in Hungary, including cash grants equaling up to 25% of eligible costs.